Any experience of shared ownership properties?

[parisdisneyfan]

Dd is 26 and after travelling and 2 degrees she is now settled in a job as an OT. She has some savings and is currently living at home but desperate to move out. Unfortunately we live in Hampshire and buying a property on her own will take her years even living rent free with us! She has seen some new build flats that are shared ownership and she is very interested. She almost has enough deposit, the mortgage, rent and service charge would still be cheaper than rent alone, plus she could still save to buy more %. On the downside if she wanted to move later on or met someone then apparently they are hard to sell and you can't rent them out. What do people think or have experience of, thanks.

[MrsB87]

Has she looked at help to buy? I don't know the ins and outs but I imagine it's better than shared when it comes to selling etc.

[disney1st timer]

The first property we bought was a little 2 bed house and we bought 50% shared ownership. It worked for us as without that we would never be where we are now! We never bought any more than 50% but when we came to sell it we were allowed to sell the whole 100% which made it easier to sell. It was the leasehold that was more of an issue when selling.

[parisdisneyfan]

Originally Posted by MrsB87

Has she looked at help to buy? I don't know the ins and outs but I imagine it's better than shared when it comes to selling etc.

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Yes she has, and this has that too. She has her HTB ISA set up as well. Thanks

[parisdisneyfan]

Originally Posted by disney1st timer

The first property we bought was a little 2 bed house and we bought 50% shared ownership. It worked for us as without that we would never be where we are now! We never bought any more than 50% but when we came to sell it we were allowed to sell the whole 100% which made it easier to sell. It was the leasehold that was more of an issue when selling.

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That sounds positive, did you just pay them back the other 50% when it sold? Thanks 😊

[familyofthree]

We are currently in the process of remortgaging our shared ownership house so we own the full 100%.

We brought 70% when we got the house nearly 6 years ago, and to be honest I was expecting the remortgage process to be a lot more hassle than what it has been.

We started the process at the end of November and currently just waiting on solicitor to do all the legal stuff and transfer the money to the HCA that currently owns the 30%. Fingers crossed it will be all completed by the end of the month.

[parisdisneyfan]

Originally Posted by familyofthree

We are currently in the process of remortgaging our shared ownership house so we own the full 100%.

We brought 70% when we got the house nearly 6 years ago, and to be honest I was expecting the remortgage process to be a lot more hassle than what it has been.

We started the process at the end of November and currently just waiting on solicitor to do all the legal stuff and transfer the money to the HCA that currently owns the 30%. Fingers crossed it will be all completed by the end of the month.

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Good luck with it all and well done to buy the rest. Did you agree a price for the remainder at the outset or was it revalued before you bought it. I assume you buy a percentage that can only go up and not down if the property changes in value ie you bought 70% which when it was revalued can't go down to 50% if that makes sense